Openness at Current Prices for Barbados
OPENCPBBA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.34
Year-over-Year Change
9.03%
Date Range
1/1/1960 - 1/1/2010
Summary
The 'Openness at Current Prices for Barbados' series measures the ratio of the sum of exports and imports to GDP, providing insight into Barbados' economic integration and trade orientation.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This metric represents the degree to which Barbados' economy is open to international trade. It is a key indicator of globalization and can inform policy decisions around trade, competitiveness, and macroeconomic management.
Methodology
The data is calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
Openness is closely tracked by economists, policymakers, and international institutions to assess a country's trade dependence and exposure to global economic conditions.
Key Facts
- Barbados' openness ratio was 91.7% in 2020.
- Trade accounted for over 90% of Barbados' GDP in recent years.
- Openness has increased significantly since the 1980s as Barbados has liberalized its economy.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Barbados' series measures the ratio of the sum of exports and imports to GDP, providing insight into Barbados' economic integration and trade orientation.
Q: Why is this trend relevant for users or analysts?
A: Openness is a key indicator of globalization that informs policy decisions around trade, competitiveness, and macroeconomic management for Barbados and other countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Openness is closely tracked by economists, policymakers, and international institutions to assess a country's trade dependence and exposure to global economic conditions.
Q: Are there update delays or limitations?
A: The openness data may have lags or limitations due to the underlying national accounts and trade statistics used in its calculation.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Barbados (OPENCPBBA156NUPN), retrieved from FRED.